Annapolis MD Fix And Flip

Work Description: Medium renovation of a suburban single family home in Annapolis suburb

Purchase Price: $270,000

Renovation Budget: $30,000

Loan Amount: $220,000

Cash Available for Purchase: $190,000

Cash Available for Renovation: $30,000

Loan Structure: 12 months interest only

Loan Purpose: Property Purchase and Rehabilitation

ARV: $365,000

Sale Price: $397,777

Time To Pay Off: 2 months

Kitchen Before

Kitchen After

Situation:

The borrowers found ABL through an online search. The borrowers had not previously used hard money, but were illiquid due to the ownership of another flip. The property purchase was moderately complicated due to an easement issue that needed to be cleared with the seller’s estate.

Outcome:

The borrowers paid ABL back within two months without prepayment penalty upon the sale of their other flip project. The borrowers went on to rehab and list the house.